Buckeye Partners
Template:Short description Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters". Buckeye Partners, formerly known as the Buckeye Pipeline Company, is a distributor of petroleum in the East and Midwest areas of the United States. A direct descendant of Standard Oil, the company is considered one of the largest independent oil pipelines in the United States.[1] Its global headquarters is located in Houston's River Oaks District, and it maintains an additional U.S. headquarters in Allentown, Pennsylvania.[2][3]
Its predecessor company, the Buckeye Pipe Line Company, was founded in 1886 as part of John D. Rockefeller's Standard Oil.[4] It existed as a subsidiary until it became an independent company after Standard Oil's dissolution in 1911.[5] It changed its name to Buckeye Partners in 1986 during a reorganization that transitioned it into a master limited partnership.[6] The company expanded by buying oil pipelines from mainstream petroleum companies. In 1942, the company purchased Indiana Pipe Line. In 2004, its $517 million acquisition of refined petroleum pipelines and terminals from Shell was approved by the Federal Trade Commission.[7]
Buckeye manages over Script error: No such module "convert". of petroleum pipelines and over 100 truck-loading terminals. Many of its pipelines follow historic Northeastern railroad rights-of-way, and the firm is a surviving fragment of the defunct Penn Central railroad.[8] Among Buckeye's clients were major airports in New York City, leading it to being listed by US federal prosecutors as among the targets of the 2007 John F. Kennedy International Airport attack plot.Script error: No such module "Unsubst".
In 2019, IFM Investors acquired Buckeye Partners for $10.3 billion in an all-cash deal, paying Buckeye Partners shareholders $41.50 per share. Buckeye Partners is now a wholly owned subsidiary of IFM under its "Global Infrastructure Fund".[9]
Facilities
- Perth Amboy Refinery[10][11]
- The North Line System - A 309 mile refined products pipeline connecting Wood River Refinery in Roxana, Illinois to a company terminal in Peotone, Illinois. The system includes two onward connections, one to Hammond, Indiana and one to a company terminal in Summit, Illinois. The 96,000 barrel-per-day pipeline was constructed in 1952 by Shell Oil Company. Buckeye Partners acquired the system from Shell in 2004.[12]
References
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- ↑ Script error: No such module "citation/CS1".
- ↑ Contact Us." Buckeye Partners. Retrieved on November 8, 2013. "One Greenway Plaza • Suite 600 • Houston, Texas 77046"
- ↑ Buckeye Pipe Line, Dun & Bradstreet
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- ↑ Buckeye Partnership About Us Official organizational history
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- ↑ Buckeye Pipeline buys Chevron's NJ terminal Template:Webarchive Reuters
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External links
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